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USDA's March Livestock, Dairy, and Poultry Outlook lowered the 2024 US dairy herd forecast to 9.335 million head and milk per cow to 24,345 pounds. Total 2024 milk production was cut to 227.3 billion pounds.
Strong demand for dry whey and whey protein concentrate was also noted.
Lower herd and output projections tighten milk supply and support higher cheese and butter price forecasts. Higher prices could, however, reduce US dairy export competitiveness.
thedairysite.comMelanie EppApr 1, 2024After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
